USD/CAD Open: 1.1066-1.1068 Overnight Range: 1.1061-1.1092
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.98 and gold is at $1,316. US futures are lower. Today, the US releases weekly jobless claims, Philly Fed, and leading indicators data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Overnight, China and Europe released worse than expected manufacturing data creating a risk off environment. Yesterday, the Canadian dollar slid sharply, partly due to a rumored cross border M&A deal and also due to poor wholesale sales in Canada. The focus will be on US data releases today and tomorrow’s Canadian inflation data release. Less than expected inflation in Canada could sink the loonie further.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
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